Also called sanctions (we do those all the time, and it is usually only the poor suffering the most) or the morally superior prime directive.
Sanctions can be necessary, and usefull, but incredibly hard to do right and target them correctly. Sanctions also suck at changing whomever is target for whatever.
Based on a book by Dan Drezner, sanctions aren't impactful. However, the threat of sanctions is. In order for the threat to be credible you need to follow through with actual sanctions whenever they are threatened and the other party is non-compliant.
Sanctions can be necessary, and usefull, but incredibly hard to do right and target them correctly. Sanctions also suck at changing whomever is target for whatever.